Tex. Occ. Code § 702.352 · Subchapter H. PREPAYMENTS AND ESCROW
ESCROW DEPOSIT REQUIRED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A certificate holder or an assignee or agent of a certificate holder who accepts a prepayment for a membership in the certificate holder's health spa shall deposit the prepayment in an escrow account established with a financial institution insured by the Federal Deposit Insurance Corporation.
(b) A person required to make a deposit under Subsection (a) shall:
(1) not later than the 14th day after the date the person first accepts a prepayment:
(A) deposit the prepayments received; and
(B) submit to the secretary of state:
(i) a notarized statement that identifies the financial institution and the name in which the escrow account is held; and
(ii) a signed statement on a form approved by the secretary of state that authorizes the secretary to direct inquiries to the financial institution regarding the escrow account; and
(2) after the first deposit is made under this section, deposit subsequent prepayments not less frequently than biweekly.
(c) A certificate holder shall maintain an escrow account under this section until the 30th day after the date the certificate holder's health spa opens.
Notes and commentary — not statutory text
History
Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/OC/htm/OC.702.htm
- Text hash
- sha256 4996657efb25f6ad18bec83da665d051f6361d57d20d682886d95e45512f4eb2
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 3 provisions
Provisions in this library whose text cites Tex. Occ. Code § 702.352. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.